The LME headline figure edged lower for the second consecutive day Tuesday but the most noteworthy feature about exchange inventories right now is the overall subdued level of activity.
Fresh arrivals were extremely modest for the second day running—which is really why the headline figure fell, since draw rates have been less than exciting this week.
Nor are we expecting much imminent pick-up in "out" side activity. Fresh cancellations have been a little more robust so far this week but not enough to lift the ratio of cancelled tonnage from its current depressed levels—yesterday at 2.5%.
Nor is there any particularly strong concentration of cancelled tonnage in the system. Only four locations hold more than 2,000t of cancelled warrants—Singapore with 5,325t, Gothenburg with 4,300t, Baltimore with 3,525t and New Orleans with 2,475t,
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